hdb bridging loan 170 28

An HDB bridging loan is a brief-term financing selection meant to help homeowners in Singapore handle the economic gap amongst providing their present HDB flat and obtaining a new property. This mortgage offers short-term money, normally for any period of around six months, to go over the downpayment together with other First expenditures of The brand new house prior to the sale proceeds from your previous flat are obtained. Bridging loans are usually offered by banks and are secured versus the prevailing residence. They commonly feature increased curiosity prices than regular house financial loans, normally starting from 3% to 5% per annum or a level pegged to SORA. The applying approach calls for proof of sale for The existing property, such as an alternative to get, and documentation for the new assets. Repayment with the bank loan is expected as soon as the sale of the prevailing flat is accomplished as well as the proceeds are received. Some banking companies, like UOB and Common Chartered, supply bridging loan solutions, from time to time with preferential charges for customers also getting a whole new house personal loan with them. It is important to note that a bridging financial loan is different from the HDB's Increased Contra Facility, which can be a plan especially for These shopping for click here and marketing HDB flats simultaneously.